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The following data were taken from the financial records of Glum Corporation for 2017: Sales Bond...
The following data come from the financial records of Adams Corporation for 2018: Sales Interest expense...
The following data come from the financial records of Adams Corporation for 2018: Sales Interest expense Income tax expense Net income $845,000 5,800 26,000 30,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.) Interest Damod 9.65 times
Exercise 9-10 Number of times interest earned LO 9-3 The following data come from the financial...
Exercise 9-10 Number of times interest earned LO 9-3 The following data come from the financial records of Jordan Corporation for 2018: Sales Interest expense Income tax expense Net income $845,000 4,300 30,000 26,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.) Interest earned times times
The following amounts were taken from the financial statements of Skysong, Inc.: Current liabilities 2017 2016...
The following amounts were taken from the financial statements of Skysong, Inc.: Current liabilities 2017 2016 $1276000 $1249000 1825000 1608000 Long-term liabilities 119000 50800 57200 40000 Interest expense Income tax expense Net income Net cash provided by operating activity 304000 176000 340000 283000 The times interest earned for 2017 is 4.0 times. 3 times. Do O 3.0 times. 3.6 times.
Financial Statements The following amounts were taken from the accounting records of Padget Home Services, Inc.,...
Financial Statements The following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7. Cash $ 60,000 Common stock 75,000 Dividends 15,000 Fees earned 620,000 Interest expense 4,800 Land 215,000 Miscellaneous expense 10,200 Notes payable 80,000 Rent expense 70,000 Salaries expense 272,000 Taxes expense 43,000 Utilities expense 85,000 After its second year of operations, the following amounts were taken from the accounting records...
The following data have been gathered from the financial statements of General Nutrition Centers: 3. Calculate...
The following data have been gathered from the financial statements of General Nutrition Centers: 3. Calculate the times interest earned ratios for 2016 and 2017. Is the company more or less able to meet its interest payments in 2017 when measured this way? The firm's times interest earned ratio for 2016 is . (Round to two decimal places.) The firm's times interest earned ratio for 2017 is . (Round to two decimal places.) Is the company more or less able...
The following amounts were taken from the accounting records of Padget Home Services, Inc., as of...
The following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7. Cash $ 60,000 Common stock 75,000 Dividends 15,000 Fees earned 620,000 Interest expense 4,800 Land 215,000 Miscellaneous expense 10,200 Notes payable 80,000 Rent expense 70,000 Salaries expense 272,000 Taxes expense 43,000 Utilities expense 85,000 After its second year of operations, the following amounts were taken from the accounting records of Padget...
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2017 December 31, 2016 Cash $ 27,000 $ 14,500 Accounts receivable (net) 74,500 125,000 Inventory 199,000 185,000 Accounts payable 47,000 91,000 Notes payable 27,500 57,000 Common stock, $100 par 399,000 399,000 Retained earnings 118,000 107,000 Additional information: 1. The inventory turnover is 3.8 times. 2....
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
Lingenfelter Corporation experienced a fire on December 31,
2017, in which its financial records were partially destroyed. It
has been able to salvage some of the records and has ascertained
the following balances.
December 31, 2017
December 31, 2016
Cash
$ 30,000
$ 16,000
Accounts receivable (net)
74,500
130,000
Inventory
195,000
176,000
Accounts payable
45,000
91,000
Notes payable
28,000
61,000
Common stock, $100 par
401,000
401,000
Retained earnings
120,000
106,500
Additional information:
1.
The inventory turnover is 3.0 times.
2....
Return Ratios and Leverage The following selected data are taken from the financial statements of Cedar...
Return Ratios and Leverage The following selected data are taken from the financial statements of Cedar Industries: Sales revenue $663,000 Cost of goods sold 387,000 Gross profit $276,000 Selling and administrative expense 100,000 Operating income $176,000 Interest expense 50,000 Income before tax $126,000 Income tax expense (40%) 50,400 Net income $75,600 Accounts payable $45,000 Accrued liabilities 70,000 Income taxes payable 10,000 Interest payable 25,000 Short-term loans payable 150,000 Total current liabilities $300,000 Long-term bonds payable $500,000 Preferred stock, 10%, $100...
The data given below were taken from the income statements of Metronix Corporation. EEB Click the...
The data given below were taken from the income statements of Metronix Corporation. EEB Click the icon to view the financial data for Metronix Corporation Compute the inventory-turnover ratio for each year. The inventory-turnover ratio in 2017 is times. (Round to one decimal place.)
The following data come from the financial records of Adams Corporation for 2018: Sales Interest expense Income tax expense Net income $845,000 5,800 26,000 30,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.) Interest Damod 9.65 times
Exercise 9-10 Number of times interest earned LO 9-3 The following data come from the financial records of Jordan Corporation for 2018: Sales Interest expense Income tax expense Net income $845,000 4,300 30,000 26,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.) Interest earned times times
The following amounts were taken from the financial statements of Skysong, Inc.: Current liabilities 2017 2016 $1276000 $1249000 1825000 1608000 Long-term liabilities 119000 50800 57200 40000 Interest expense Income tax expense Net income Net cash provided by operating activity 304000 176000 340000 283000 The times interest earned for 2017 is 4.0 times. 3 times. Do O 3.0 times. 3.6 times.
The following data have been gathered from the financial statements of General Nutrition Centers: 3. Calculate the times interest earned ratios for 2016 and 2017. Is the company more or less able to meet its interest payments in 2017 when measured this way? The firm's times interest earned ratio for 2016 is . (Round to two decimal places.) The firm's times interest earned ratio for 2017 is . (Round to two decimal places.) Is the company more or less able...
Lingenfelter Corporation experienced a fire on December 31,
2017, in which its financial records were partially destroyed. It
has been able to salvage some of the records and has ascertained
the following balances.
December 31, 2017
December 31, 2016
Cash
$ 30,000
$ 16,000
Accounts receivable (net)
74,500
130,000
Inventory
195,000
176,000
Accounts payable
45,000
91,000
Notes payable
28,000
61,000
Common stock, $100 par
401,000
401,000
Retained earnings
120,000
106,500
Additional information:
1.
The inventory turnover is 3.0 times.
2....
The data given below were taken from the income statements of Metronix Corporation. EEB Click the icon to view the financial data for Metronix Corporation Compute the inventory-turnover ratio for each year. The inventory-turnover ratio in 2017 is times. (Round to one decimal place.)
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